3 Best Small Business Insurance Companies (2023)

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Read small business insurance company reviews including ratings, policy types, customer service, and pricing.

3 Best Small Business Insurance Companies (2023)

Women-Owned Business Insurance

3 Best Small Business Insurance Companies (2023). In business, accidents are surprisingly more common than most people assume. That's why it is so important that business owners are protected just in case there is an accident. Not to mention, coverage is essential for small and medium-sized businesses, with the average injury claim being a whopping $35,000.

Regardless of the type or size of business you own, the important thing is never to leave yourself vulnerable. You need to always make sure that a couple of insurance policies are covering just about every possible liability or risk present.

Not having the correct type of insurance is just as good as not having insurance at all; when your business isn't protected, just about any accident can endanger its existence.

Finding insurance can be easier said than done. Not to mention that there are some companies that are better than others. That's why in a bid to save you a great deal of hard work, we've listed three of the best insurance companies for small business owners.

Our 3 best small business insurance companies ranking is based on a couple of variables, including; cost, customer service quality, insurance claim processing, and coverage that meets the needs of most small businesses.

Find the 3 best small business insurance companies to help protect your businesses from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Following are the 3 best small business insurance companies in (2023); Liberty Mutual, The Hartford and Travelers:

Why Is Liberty Mutual Insurance A Top Rated Small Business Insurer?

Liberty Mutual Small Business Insurance

One of the reasons we chose Liberty Mutual is that they are amongst the best Business Owner's Policy (BOP) insurers. The company offers business owners a pretty swift and easy process.

Plus, they cover many different industries, and coverage can be combined for what can often be a pretty cost-effective small business insurance policy. In other words, business owners enjoy suitable coverage at a reasonable price regardless of the industry.

24-Hour Claim Assistance

Liberty Mutual advertises 24-hour claim assistance, mainly via its network. Liberty Mutual has adjusters working around the country, which is why the company tends to settle claims quicker than most of its competitors, even if those businesses are in rural communities.

Its ability to swiftly address claims has earned the company an A+ rating by the Better Business Bureau.

Most business owners should get their insurance policy through one of the many independent agents that work with the insurer.

However, it is important to recognize that the company has many types of coverage, including commercial auto insurance, inland marine insurance, umbrella coverage, equipment breakdown coverage, workers' compensation, and others.

In addition, there are 11 industry-specific solutions, including ones for financial institutions, public entities, wholesale, healthcare, and real estate.

Call (844) 852-0134 for a Liberty Mutual Business Insurance Quote.

Liberty Mutual Business Insurance Pros
  • Easy and quick claim processing for small businesses
  • Claims can be filed via an app or online via Liberty Mutual's website
  • Adjusters are available in most parts of the US
  • 24-hour claim assistance hotline

Liberty Mutual Business Insurance Cons
  • Liberty Mutual's small business insurance availability varies by state.

Liberty Mutual Business Insurance Review Summary

iberty Mutual is one of the leading insurance companies in the world and offers a variety of insurance options for small businesses. The company provides insurance coverage for a wide range of industries, including construction, manufacturing, retail, and professional services.

Liberty Mutual has a reputation for providing excellent customer service, and their dedicated team of small business insurance specialists is available to help you navigate the process of choosing the right coverage for your business. They also offer flexible payment options and the ability to customize your insurance coverage to meet the specific needs of your business.

Overall, Liberty Mutual is an excellent choice for small businesses looking for comprehensive and customizable insurance options. They offer a wide range of coverage options, competitive rates, and excellent customer service, making them one of the best insurance companies for small businesses.

Read Liberty Mutual Small Business Insurance Reviews for more on Liberty Mutual's commercial insurance ratings.

Why Is The Hartford Insurance A Top Rated Small Business Insurer?

The Hartford Small Business Insurance

Hartford is a publicly-traded, reputed insurance company headquartered in Hartford, Connecticut. The company mainly offers small business insurance via many flexible business insurance policies.

While many American insurers only sell general liability and property insurance, under the business insurance policy, Hartford's small business insurance also includes interruption insurance. Having interruption insurance can be a significant advantage because it covers lost income, forced closure, and natural disasters.

Hartford Small Business Insurance Coverage Types

The insurer offers the following types of coverage for small business owners:

  • General liability
  • Workers' compensation
  • Commercial auto insurance
  • Business income insurance
  • Business owner's policies
  • Commercial property insurance
  • Commercial umbrella insurance
  • Data breach insurance

In addition, it is possible to add data breach and liability coverage.

Call (877) 767-7828 for a Hartford Business Insurance Quote.

General Liability Insurance

The Hartford general liability insurance offers coverage limits that range from around $300k to $2 million. Business owners can apply to receive a quote online, but you will have to speak with an agent over the phone to buy one.

General liability insurance is highly recommended for all business owners and will cover damage to third party's property, bodily harm, advertising injury, and legal defense costs. It will also cover the costs if a business is sued.

The liability coverage only applies to third-party claims like employee injuries. It will not cover damage or theft of business property.

Worker's Compensation Insurance

Workers comp insurance will pay for all the medical expenses related to employees, illness, and injuries received while 'on-the-job'. It will protect a business from lawsuits that are associated with those injuries. Many states will require a workers' comp for businesses with more than one employee.

Hartford's workers compensation insurance has a network of over a million preferred medical providers and 65000 pharmacies.

Errors and Omissions Insurance

The Hartford professional liability insurance is mainly meant to protect businesses against alleged or actual omissions or errors in providing a service or advice. For instance, as a business that provides consultancy services, it is essential to have some insurance protection.

The policy limits for professional liability insurance generally range from $250k to $2 million. However, the coverage can easily be customized to meet a business's needs. Take, for instance, a freelance computer programmer or app creator who will apply for a software copyright infringement coverage policy. Still, it isn't something that the hair salon owner will want.

The Hartford Business Insurance Pros
  • The inclusion of interruption insurance
  • All small business policies can be customized
  • A large selection of policies & coverages

The Hartford Business Insurance Cons
  • Hartford does not provide coverage in Alaska and Hawaii.
  • Not for businesses that may need over $10 million insurance coverage

The Hartford Business Insurance Review Summary

The Hartford is a well-known insurance company that offers a variety of small business insurance options, including general liability, property, and workers' compensation coverage. They have a reputation for providing excellent customer service and competitive rates, making them a top choice for many small business owners.

Read The Hartford Small Business Insurance Reviews for more on Hartfords's commercial business insurance ratings.

Why Is Travelers Insurance A Top Rated Small Business Insurer?

Travelers Small Business Insurance

Travelers is a great choice if you want to insure commercial property, primarily because they have a great deal of experience in this space. In fact, they were ranked the largest commercial property insurer in the US.

Travelers is one of those companies that has a history stretching back over a hundred years. It started out with one of the founders writing accident insurance for just two cents premium. The company we all know today was officially formed in 2004 when St. Paul Companies and Travelers merged. That merger resulted in an A++ rating by AM Best.

Travelers has various policies and are designed to meet the needs of businesses across over 20 industries. The most popular industries include transportation, construction, retail and manufacturing amount others. Though the company now has a considerable amount of expertise in the commercial property insurance space.

According to information from Insurance Information Institute, the company writes a boatload of property insurance, so much so that it ranked no. 1 in 2019 for commercial property insurance in the US.

The company also offers various other types of insurance policies, including cyber liability, commercial auto, workers' compensation, surety bonds, etc. That said, the prices for these policies vary by industry.

The other interesting thing about Travelers is that the company operates in the US and across the border in Canada and the UK. That's why it is perhaps one of the few companies that a business owner who does business internationally can contact for an insurance policy best suited to their needs.

Travelers also has an A+ BBB rating. However, there are quite a few complaints against the company, so business owners should do their due diligence. Make sure to review the policy's documents before seeking coverage from Travelers, especially if it's through an independent agent.

Call (877) 767-7828 for a Travelers Business Insurance Quote.

Travelers Business Insurance Pros
  • A+ Rated by the BBB and AM Best
  • Offers insurance in more than 20 industries
  • Operates in the UK and Canada
  • It was also formally the no. 1 and is also the present no. 2, commercial property insurance company in the US in terms of the number of premiums written

Travelers Business Insurance Cons
  • The company has quite a few complaints lodged with the BBB
  • The features and pricing are dependent mainly on operations and the industry

Travelers Business Insurance Review Summary

Travelers is a well-respected insurance company that offers a variety of small business insurance options, including liability, property, and workers' compensation coverage. They also have specialized insurance options for certain industries, such as healthcare and technology. Travelers is known for providing excellent customer service and competitive rates, making them a top choice for many small business owners.

Read Travelers Small Business Insurance Reviews for more on Traveler's commercial insurance ratings.

Hiscox Insurance - Runner Up

Small Business Insurance

When it comes to independent contractors, Hiscox is close runner up. The reason why Hiscox is a runner up is because of lower available limits for coverage and employees.

The small business insurance products are designed and priced with freelancers and independent contractors in mind.

Hiscox has a pretty long history, with it being initially founded in 1901 as an underwriter in Lloyd's market. While it is based in Bermuda, the company trades on the London Stock Exchange. Still, it also does business in around 14 countries and operates in all 50 US states, including the District of Columbia.

Hiscox offers the core lineup of insurance policies for small businesses, including BOPs, professional liability, general liability, workers' compensation, commercial auto insurance, employment practices liability insurance, and cyber liability. Hiscox also writes all insurance policies that are sold by GEICO.

The standard liability coverage offered has a $2 million limit, though it's possible to get higher limits upon approval. The company also boasts of covering a myriad of industries, and they have policy types with low monthly rates, which can get a company started in most cases at lower than regular market premiums. That's why many small businesses and independent contractors see it as an affordable solution.

Customized insurance policies are available for various industries, including fitness instructors, janitors, consultants, acupuncturists, salons, etc.

Hiscox Business Insurance Pros
  • Hiscox is a large international insurance company
  • The policies are mainly geared towards micro businesses
  • The company has operations across all 50 states, including DC

Hiscox Business Insurance Cons
  • Hiscox only has 11 offices in the US
  • It isn't a US-based entity

Read Hiscox Small Business Insurance Reviews for more on Hiscox's commercial insurance ratings.

3 Best Small Business Insurance Companies (2023) - The Bottom Line

These are some of the best small business insurance companies that provide a range of coverage options, competitive rates, and excellent customer service. It is important to research and compare insurance companies before making a decision to ensure you are getting the best coverage for your business.

When seeking small business insurance, it is imperative that you know the average cost of insurance as a business owner. While the cost can vary widely based on location, industry and coverage types, it will generally be between $800 on the low end and over $1500 on the high end for basic coverage. However, businesses with employees can expect to pay more.

Business owners with facilities and equipment with employees or those who offer professional advice will all expect to pay more annually to ensure that they are protected against risks associated with their industries.

Also, the cost can be higher for business owners who want higher coverage limits, need additional coverage, or have lower deductibles. All of this means you should get a few quotes from insurers in your city before moving forward.

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